IRS tax forms change all the time. The most beneficial way to find the latest forms is: - IRS.gov/latestforms - IRS.gov/allforms - IRS.gov/draftforms - IRS.gov/formchanges - IRS.gov/formsupdates Sometimes forms are not updated by the April 15th. You can view a draft of the form to see approximate expectations of what might be new and changed. For example, in 2018 form 1040NR was changed slightly and this change brought a new filing requirement. Those who didn’t see this new change and subsequently didn’t file the new form were subject to penalties of $10,000 and more per year. Further Consolidated Appropriations Act…

What’s new in 2020 tax?

Let’s recap 2020 deductions from adjusted gross income:

jury duty199A deduction capital lose unemployment benefits repayments foreign housing (limitations applies)unreimbursed travel expenses (National Guards and Reserve members)certain attorney fees unreimbursed employee expenses self-employment medical insurance certain moving expenses (limitations apply)50% SE tax now you can deduct alimony and maintenance payments (comparing to 2019)contribution to retirement accounts and/or HSA higher education expenses deductions educator expenses

Tax brackets are:

10%, 12%, 22%, 24%, 32%, 35%, 37 %

Child unearned income is continued being taxed at

$0 < $1,100 =0%$1,100

You can be audited by: mail, you visiting an IRS office, the IRS visits your office. What are your options: you can agree with the audit opinion respond with a written protest (file an Appeal) https://www.irs.gov/appeals/preparing-a-request-for-appeals More information about the appeal request You may submit a Small Case Request if the entire amount of additional tax and penalty proposed for each tax period is $25,000 or less. Form 12203, Request for Appeals Review request a Fast Track Settlement https://www.irs.gov/pub/irs-pdf/f14017.pdf If the Fast Track Settlement fails the taxpayer still has a right to go to Appeals. https://www.irsvideos.gov/Business/audits/FastTrackSettlement Wait for the 90-day…

As not that many people know, a lot of people and companies work in the business of bringing whistleblower case to the IRS and get paid well doing it. People always need extra money and especially extra big money. There is never enough money no matter how much you have. Why can others cheat the system while you pay taxes from your hard-earned money and have less left after taxes? Some people can get triggered by this unfair course of events. They think this is very unfair. They MAY whistleblow this to the IRS and get paid well for it…

As not that many people know, a lot of people and companies work in the business of bringing whistleblower case to the IRS and get paid well doing it.

People always need extra money and especially extra big money. There is never enough money no matter how much you have.

Why can others cheat the system while you pay taxes from your hard-earned money and have less left after taxes?

Some people can get triggered by this unfair course of events. They think this is very unfair. They MAY whistleblow this to the IRS and get paid well for it.

The government is reviewing many many cases brought by the whistleblowers daily.

The average case takes years to complete. People and companies in the business of blowing the whistle know this very well. They don’t mind to wait several years.

More…

Energy credits for home and vehicle: (IRS source) Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus a car that draws propulsion energy from a battery with at least 5-kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt-hour of battery capacity over 5-kilowatt hours. The total amount of credit allowed for a vehicle is limited to $7,500. Higher Education Interest (IRS source) Student loan interest is the interest you paid during the year…

Energy credits for home and vehicle:

(IRS source) Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus a car that draws propulsion energy from a battery with at least 5-kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt-hour of battery capacity over 5-kilowatt hours. The total amount of credit allowed for a vehicle is limited to $7,500.

Higher Education Interest

(IRS source) Student loan interest is the interest you paid during the year…

If you are

• a US citizen, a Green card holder, a US organization
• have an interest in a foreign account, foreign entity, have several accounts, have signature authority, foreign stock or securities held in a foreign bank, indirect interest in foreign assets through an entity, foreign mutual funds, foreign-issued life insurance policy r annuity, and more.
• balance over $10,000 anytime during the tax year.

Not filing FBAR may result in civil monetary penalties:

• non-willful, up to $10,000,
• willful, up to the greater of $100,000 or 50 percent of account balances,
• criminal penalties may also apply.

Sources: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

What should you do if you missed it?

You may file…